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A bloc originally of five major emerging economies expanded in 2024, partly to promote trade in members' own currencies rather than the US dollar.
BRICS originally grouped five major emerging economies, Brazil, Russia, India, China, and South Africa, coordinating on economic and geopolitical issues partly as a counterweight to Western-dominated institutions. In 2024 the group expanded membership, and part of its discussion has focused on members settling more trade in their own currencies rather than the dollar.
OPEC coordinates oil production and pricing among petroleum exporters, a narrower focus than BRICS's broader bloc. NATO is a military defense alliance centered on security, an entirely different kind of grouping.
Despite this discussion, the dollar remains deeply embedded in global trade and reserves, and most economists view rapid de-dollarization as unlikely given how much of the financial system is built around it.
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